Home Loans For First Time Home buyers
in Redmond, Oregon

Buying your first home can be overwhelming when you don’t know what you don’t know. What do you do first? Find a realtor? Find a loan officer? Find a house?

Without a doubt, the best thing you can do first is get with a trusted loan officer to get pre-qualified. At Optimal Rate Home Loans in Redmond, Oregon we know the best current options for home loans for first time home buyers in Central Oregon. When you are ready, you will complete a loan application, have your credit pulled and provide your income documentation to be reviewed.

One of the biggest things first time home buyers should be considering at this step is what is your ceiling for a mortgage payment monthly. Once you have this determined our home loan officer can work the numbers backwards and determine the price point you should be looking at based on your ideal monthly payment. There are not many things more frustrating in life than falling in love with a beautiful home for sale only to find out that it's out of your monthly budget. We can help you!

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Do first time home buyers need a down payment?

In Oregon, a minimum down payment on a conventional mortgage assumes 3% or more with a minimum credit score of 620. As a first time home buyer in Redmond, Oregon if you qualify for a VA loan or a USDA loan, there are down payment assistance programs where you may not need any down payment at all.

What is the difference between getting pre-qualified and pre-approved?

Getting pre-approved involves all the steps of pre-qualifying but takes it a step farther. Your loan officer can submit your file to the underwriter for full credit & income approval before you even have a home under contract. This makes your offer even stronger when it comes time for a seller to decide whether to accept your offer.

At Optimal Rate Home Loans in Redmond, our loan officers can help you find the best loan at the best rate for your budget! We’ve been helping first time home buyers in Central Oregon for many years. Give us a call to take the next step!

"As first-time buyers we were nervous, but Aaron and his team at Optimal Rate Home Loans were on top of explaining things to us. They made each step of the process simple for us and went above and beyond our expectations. We really do give praise to Aaron and his team for what they made happen for our family. Huge thanks to the whole team."